Nvidia Corp.’s Jensen Huang spent months telling everyone what a grave mistake the US was making restricting shipments of artificial intelligence processors to China — with little sign that his argument was swaying anyone.

A surge of exports from Chinese manufacturers supported the growth, as customers and producers alike took advantage of the U.S.-China trade war ceasefire.

China's trade surplus surged in June, which analysts have attributed to exporters rushing to ship products before U.S. tariffs recommence.